president muhammadu – Tedxyouth Caltech http://tedxyouthcaltech.com/ Sat, 26 Mar 2022 06:48:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tedxyouthcaltech.com/wp-content/uploads/2021/10/icon-5-120x120.png president muhammadu – Tedxyouth Caltech http://tedxyouthcaltech.com/ 32 32 Lagos Assembly approves N18 billion naira loan request from Sanwo-Olu https://tedxyouthcaltech.com/lagos-assembly-approves-n18-billion-naira-loan-request-from-sanwo-olu/ Fri, 24 Dec 2021 08:44:23 +0000 https://tedxyouthcaltech.com/lagos-assembly-approves-n18-billion-naira-loan-request-from-sanwo-olu/ [ad_1] The Lagos House of Assembly approved the request of the State Governor, Mr. Babajide Sanwo-Olu, to approve the loan for the transition facility offered by the Federal Ministry of Finance, Budget and Planning National Road to facilitate the early completion of the Lekki-Epe Regional Road and Motorway Project. . The House, which is currently […]]]>


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The Lagos House of Assembly approved the request of the State Governor, Mr. Babajide Sanwo-Olu, to approve the loan for the transition facility offered by the Federal Ministry of Finance, Budget and Planning National Road to facilitate the early completion of the Lekki-Epe Regional Road and Motorway Project. .

The House, which is currently engaged in defense of the budget by the MDAs, hastily called for the plenary to accede to the governor’s request.

Following the request, the Chamber approved the sum of 3,750,000,000.00 for the regional road project and the sum of 15,000,000,000.00 for the Lekki-Epe motorway project respectively, totaling the sum of 18 750,000,000.00.

Speaking on the report, the Hon. Rotimi Olowo, chairman of the House of Representatives’ finance committee, argued that the interest rate is 5% the first two years and 9% the following years, giving him a two-year moratorium.

Supporting the approval, the Hon. Setonji David, noted that the loan is single-digit with a 30-year repayment period under which the project will boost the state’s sustainable economic growth and development.

Also contributing, the Hon. Bisi Yusuf said the loan would help the Lekki Free Trade Zone, which is the state’s trading center.

Other lawmakers supporting the request praised the state government for being proactive, saying the goal of the request was well articulated and would bring immense infrastructural benefits to the state.

Subsequently, the President, Rt Hon. Mudashiru Obasa asked the Acting Clerk of the House, Mr. Olalekan Onafeko, to send a blank copy of the approval to the governor.

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Officials approve Buhari’s $ 5.8 billion loan request https://tedxyouthcaltech.com/officials-approve-buharis-5-8-billion-loan-request/ Tue, 14 Dec 2021 18:22:48 +0000 https://tedxyouthcaltech.com/officials-approve-buharis-5-8-billion-loan-request/ [ad_1] The House of Representatives approved President Muhammadu Buhari’s request for a $ 5.8 billion loan and a $ 10 million grant. Mr. Buhari had in May, in a letter to the two chambers of the National Assembly, request borrow a maximum of $ 6.1 billion 2018-2020 external borrowing plan (rolling) to finance the 2021 […]]]>


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The House of Representatives approved President Muhammadu Buhari’s request for a $ 5.8 billion loan and a $ 10 million grant.

Mr. Buhari had in May, in a letter to the two chambers of the National Assembly, request borrow a maximum of $ 6.1 billion 2018-2020 external borrowing plan (rolling) to finance the 2021 budget deficit.

The Green Chamber approved the request following consideration of the House Committee’s report on AIDS, Loans and Debt Management by the Supply Committee on Tuesday.

The Chairman of the Committee on AIDS, Loans and Debt Management, Ahmed Safana, presented the report on the loan request.

Distribution of loans

The House approved $ 2.3 billion for the Presidential Power Initiative (PPI) grid modernization and expansion program. The loan is to be provided by the German consortium.

The World Bank and the Islamic Development Bank are to finance malaria-related projects to the tune of 200 million naira and 90 million naira respectively. The World Bank to fund the Immunization Plus and Advances Malaria phased program approach by accelerating and transforming service projects with $ 200 million.

To finance the first phase of the Gurara project, the China Exim Bank will provide $ 786.38 million, while the World Bank will provide $ 700 million to finance the Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH) project.

The Chinese Africa Development Fund (CAP), through the Bank of China, will finance three electricity and renewable energy projects with $ 276.9 million. The projects are; Phase I and II solar cell production facility, production plant for electrical transformers I, II and III and high voltage testing laboratory. All these projects are domiciled at the National Agency for Scientific and Technical Infrastructures (NASENI).

In addition, the World Bank will finance four Agro projects with $ 1.486 billion. The projects are as follows: The Agri-Food Productivity Improvement and Livelihood Improvement Assistance Project will consume $ 200 million, the Agro-Climate Resilience in the Drylands Landscape Project will be funded to the tune of $ 700 million, the livestock productivity and resilience support project $ 500 million and the value chain development program $ 50 million.

READ ALSO: The Senate approves Buhari’s loan request of 16.2 billion euros and 1 million euros

The Chamber resolved that the terms and conditions of the loan from the funding bodies be transmitted to the National Assembly before the execution of the projects.

2018-2021 borrowing plan …

The 2018-2020 (rolling) external borrowing plan contained an approval request for $ 36.8 billion, € 910 million and a grant component of $ 10 million.

The request for approval was in pieces. In July, the Senate approved $ 8.3 billion and € 490 million as a bundle and $ 6.1 billion separately.

The current administration is under critical for his borrowing frenzy.

According to the Debt Management Bureau, the Buhari administration inherited 12 trillion naira although the total stock of debt hovers around 40 trillion naira.

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Senate Approves Buhari’s $ 16 Billion, $ 1 Billion, $ 125 Million Unconditional Loan Request | The Guardian Nigeria News https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-1-billion-125-million-unconditional-loan-request-the-guardian-nigeria-news/ Thu, 11 Nov 2021 08:00:00 +0000 https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-1-billion-125-million-unconditional-loan-request-the-guardian-nigeria-news/ [ad_1] • World Bank report shows massive gaps in poor countries’ debt monitoring systems• The FEC approves the national development plan 2011-2025 with a value of 348.7 tr N• External reserves will exceed $ 42 billion by the middle of next year, according to Emefiele The Senate yesterday approved the sum of 16 billion dollars, […]]]>


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• World Bank report shows massive gaps in poor countries’ debt monitoring systems
• The FEC approves the national development plan 2011-2025 with a value of 348.7 tr N
• External reserves will exceed $ 42 billion by the middle of next year, according to Emefiele

The Senate yesterday approved the sum of 16 billion dollars, 1 billion euros and a subsidy of 125 million dollars in the form of foreign loans to President Muhammadu Buhari to finance the heritage projects of his administration.

The red chamber specifically approved the issue of 500 million euros from the Bank of Industries and 750 million euros of Eurobonds on the international capital market. He asked the President to transmit to the National Assembly the modalities of donor loans.

The implication of Nigeria’s ever-growing debt service, however, is that the government spends almost all of its income on servicing recurring expenses and debts, forcing the federal government to resort to foreign loans, thus increasing again the profile of the country’s external debt.

The federal government revealed in July 2021 that it had spent 1.8 trillion naira on debt service in the first five months of the year, which is about 98% of the total revenue generated during the year. same period.

A total of 4.86 trillion naira was spent by the federal government between January and May 2021. While recurrent expenditure during the reporting period amounted to 3.67 trillion naira, the service of the debt was 1.8 trillion naira.

The Senate yesterday gave its approval following consideration of the report of its committee on local and foreign debts, chaired by Senator Clifford Ordia.

During the presentation of the report, Ordia said that the projects, for which funds are requested in the 2018-2020 borrowing plan, are ongoing.

“The projects will stimulate a revival of business and engineering activities and the consequent tax revenues payable to the government as a result of these productive activities will increase.”

“We will recall that the Senate in plenary session in July 2021 approved the funding of projects as recommended by the Committee. Subsequently, on September 15, 2021, the President of the Senate read another communication from the President containing an addendum to the 2018-2020 (sliding) external borrowing plan in the amount of $ 4,054,476,863, € 710,000,000. and a grant element of $ 125,000,000 for various projects and it was also referred to committee for further legislative action.

“The commission noted that out of a sum of more than $ 22.8 billion approved by the National Assembly as part of the rolling external borrowing plan 2016-2018, only $ 2.8 billion, or 10%, were paid to Nigeria, ”Ordia said.

However, some senators raised eyebrows at the lack of general conditions attached to the loan application. Senate Deputy Speaker Ovie Omo-Agege said he was concerned about the issue, saying he was unaware of the terms and conditions attached to the loans.

He said, “We looked at the terms, but there were allegations that they were written in Chinese and at that time it became clear even from the responses given by the budget office officials; but they sent back to us to give our approval.

HOWEVER, at a time when the sovereign debts of the poorest countries have reached dangerously high levels, global and country-by-country monitoring systems are proving insufficient. These gaps make it more difficult to assess debt sustainability and, for over-indebted countries, to quickly restructure their debt and generate a sustainable economic recovery, according to a new World Bank report.

The report, Debt Transparency in Developing Economies, released yesterday, marks the first comprehensive assessment of global and national sovereign debt surveillance systems.

He finds that debt monitoring today depends on a patchwork of databases with different standards and definitions and varying degrees of reliability, cobbled together by various organizations. Such inconsistencies result in large variations in publicly available debt counts in low-income economies – the equivalent of up to 30 percent of a country’s GDP, in some cases.

“Poorer countries will emerge from the COVID-19 pandemic with the heaviest debt burden in decades, but limited debt transparency will delay critical debt reconciliation and restructuring,” said World Bank Group President David Malpass.

“Improving debt transparency requires a strong legal framework for public debt management, integrated debt recording and management systems, and improvements in global debt monitoring. International financial institutions, debtors, creditors and other stakeholders, such as rating agencies and civil society, all have key roles to play in promoting debt transparency.

The study finds that 40% of low-income countries have not published any data on their sovereign debt for more than two years and that many of those that do publish it tend to limit the information to central government debt.

Many developing countries are increasingly relying on asset-backed loans, in which governments secure funding by pledging future sources of income. Natural resource-backed loans accounted for nearly 10% of new borrowing in sub-Saharan Africa between 2004 and 2018. More than 15 countries have such debts, but none provide details on guarantee agreements.

In addition, the World Bank’s chief economist Carmen Reinhart said that the existing systems for tracking the sovereign debt of the poorest countries are inadequate and mask hidden debts, as they are likely to owe much more than the poorest countries. currently estimated record levels.

The Multilateral Development Bank yesterday released the first comprehensive assessment of global and national debt surveillance systems, saying it had found “huge gaps” in the ability to track how much each country owes – and to whom.

The World Bank, which has long criticized the lending practices of China, the world’s largest creditor, said last month that the debt burden of low-income countries rose 12% to a record 860 billion in 2020, and called for comprehensive efforts to help low-income countries. and middle-income countries achieve more sustainable debt levels.

Reinhart said the actual number could be “significantly higher” as the new study highlighted the need for reforms to ensure better debt statistics, coordinated data collection and integrated debt management systems.

She said the opaque nature of many debt contracts and the utter failure of the private sector to participate in a G20 debt relief initiative clouded the prospects of countries for timely debt restructuring efforts. low and middle income.

Reinhart said his previous research on loans from China showed that official debt statistics captured about half of actual debt, and that fluctuating commodity prices and the continued impact of the COVID-19 pandemic could push debt levels further up.

Possible interest rate hikes on the horizon in richer economies could exacerbate challenges for developing countries, she said, as they could divert investment and increase the already high cost of the loan.

Debt service payments, linked to exports, have doubled to over 20% in 2020, she said, reflecting the growing toll that increased borrowing is taking on poorer countries.

Meanwhile, the Federal Executive Council (FEC) yesterday approved the National Development Plan (PND) 2011-2025, which succeeds the Economic Recovery and Growth Plan (ERGP). The plan has an investment size of 348.7 trillion naira to be contributed by the federal government, state governments and the private sector.

Informing reporters after the meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed, explained that the plan is structured on growth and economic development, infrastructure, public administration, human capital development, social development and regional development.

She revealed that for the size of the investment, the public sector would contribute 49.7 trillion naira while the private sector will contribute 298.3 trillion naira.

According to her, the financing strategy includes broadening the tax base and building the capacity of the private sector by creating investment opportunities and providing quality commitments and incentives.

“The federal government’s expenditure component is N29.6 trillion, or 8.5% of the total spending size, while the states will contribute N20.1 trillion, or 5.8%.”

Also speaking, Minister of State for National Planning, Clément Agba, said that by proposing the NDP, the government had taken into consideration the criticisms against the NDP, including the fact that it was not not inclusive enough.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday the country’s external reserve would hit $ 42 billion by the middle of next year, even as he expressed confidence in the continued recovery of the economy. the economy. Emefiele said this at the France-Nigeria Security and Economy Summit in Paris.

The external reserve fell to about $ 33 billion, the lowest in recent times, in the second quarter of the year as the economy struggled under the weight of the impacts of COVID-19 and other structural challenges. It recovered remarkably with a gross figure of $ 41.8 billion.

Yesterday, the governor of the umbrella bank admitted that the economy was not completely out of the COVID-19 strain, but noted that the country had seen the worst, as the future looked brighter. radiant.

“Nigeria’s external reserve is expected to exceed $ 42 billion by mid-2022. This is due to the sustained increase in the price of crude oil, the impact of the issuance of Eurobonds and the stability of the exchange rate, ”said Emefiele.

He was optimistic about the continued deceleration in the rate of inflation. He expects headline inflation to moderate to 15.35% by December and 14.91% by February 2022.

Stressing that “confidence in the Nigerian business environment is increasing,” the governor said that the overall business confidence index is projected at 37.7 index points this month and 57.6 points. index by mid-2022.

He cited the creation of InfraCo PLC and eNaira as some of the catalysts for the next phase of growth. He said the digital currency, which was rolled out recently, would improve the monetary management framework.

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Senate approves Buhari’s $ 16 billion, € 1 billion and $ 125 million loan request https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-e-1-billion-and-125-million-loan-request/ https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-e-1-billion-and-125-million-loan-request/#respond Thu, 11 Nov 2021 07:10:48 +0000 https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-e-1-billion-and-125-million-loan-request/ [ad_1] THE Senate on Wednesday approved President Muhammadu Buhari’s request to borrow $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 under the 2018-2020 external borrowing plan. The approval follows the review and approval of its committee’s report on local and foreign debt. The loans were, however, approved without the terms and conditions […]]]>


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THE Senate on Wednesday approved President Muhammadu Buhari’s request to borrow $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 under the 2018-2020 external borrowing plan.

The approval follows the review and approval of its committee’s report on local and foreign debt.

The loans were, however, approved without the terms and conditions as the Senate urged President Buhari to pass the terms of the loan to the Upper House.

President Muhammadu Buhari had, in a letter read on the Senate floor on September 15, 2021, asked lawmakers to approve the loans.

Loans must come from the World Bank, China EXIM Bank, Industrial and Commercial Bank of China, Chinese Development Bank, African Development Bank (ADB), French Development Bank (AFD) , the European Investment Bank, the International Capital Market and Standard Chartered. Bank.

The loans, Buhari said, were to finance critical infrastructure projects across the country.

Committee chairman Senator Clifford Ordia said his panel found that out of more than $ 22.8 billion previously approved for borrowing by the National Assembly under the Rolling Plan of 2016-2018 external borrowing, only $ 2.8 billion, or 10 per cent, was disbursed in Nigeria.

“The Committee therefore notes that the pressure exerted on the human and financial resources of the National Assembly to approve loans within the framework of the medium-term external borrowing plans is not necessary.

“The committee observes that these projects, some of which require additional funding, will have a significant multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty reduction, health care and improving the security architecture, ”he said.

Ordia therefore recommended that the Senate approve the “ongoing negotiation of external loans in the amount of $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 under the 2018-2020 external borrowing plan.

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Senate approves Buhari’s foreign loan request without knowing terms and conditions https://tedxyouthcaltech.com/senate-approves-buharis-foreign-loan-request-without-knowing-terms-and-conditions/ Wed, 10 Nov 2021 08:00:00 +0000 https://tedxyouthcaltech.com/senate-approves-buharis-foreign-loan-request-without-knowing-terms-and-conditions/ [ad_1] The Senate on Wednesday approved the federal government’s request to borrow 16.2 billion euros, 1 billion euros and a subsidy of 125 million dollars as part of the external borrowing plan (rolling) 2018-2020. Approval follows review and approval of the Senate Committee Report on Local and Foreign Debt. The loans are however approved without […]]]>


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The Senate on Wednesday approved the federal government’s request to borrow 16.2 billion euros, 1 billion euros and a subsidy of 125 million dollars as part of the external borrowing plan (rolling) 2018-2020.

Approval follows review and approval of the Senate Committee Report on Local and Foreign Debt.

The loans are however approved without the terms and conditions as the Senate urged President Buhari to pass the terms and conditions of the loan to the Upper House.

President Muhammadu Buhari had, in a letter read to the Senate on September 15, 2021, asked the Red Chamber to approve loans of $ 4,054,476,863, € 710,000,000 and $ 125,000,000.

The loans must come from the World Bank, the Chinese Bank EXIM, the Industrial and Commercial Bank of China, the Chinese Development Bank, the African Development Bank (ADB), the French Development Bank (AFD) , the European Investment Bank, the International Capital Market and Standard Chartered Bank.

The loans, Buhari said, were to finance critical infrastructure projects across the country.

Committee chairman Sen. Clifford Ordia (PDP, Edo) said his panel found that out of more than $ 22.8 billion previously approved by the National Assembly as part of the rolling plan to 2016-2018 external borrowing, only $ 2.8 billion, i.e. 10% disbursed in Nigeria.

“The committee therefore notes that the strong pressure exerted on the human and financial resources of the National Assembly to approve loans under the medium-term external borrowing plans is not necessary.

“The Committee observes that these projects, some of which require additional funding, will have a significant multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty reduction, health care and improving our security architecture, ”he said.

He said the committee therefore recommended that the Senate approve the “ongoing negotiation of external loans in the amount of $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 as part of the 2018-2020 external borrowing plan.

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Senate approves Buhari’s foreign loan request without knowing terms and conditions

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Senate rejects FG’s $ 700 million loan request for water projects https://tedxyouthcaltech.com/senate-rejects-fgs-700-million-loan-request-for-water-projects/ Thu, 28 Oct 2021 07:00:00 +0000 https://tedxyouthcaltech.com/senate-rejects-fgs-700-million-loan-request-for-water-projects/ [ad_1] The Senate Committee on Local and Foreign Debt rejected President Muhammadu Buhari’s $ 700 million loan request for sustainable urban and rural water, sanitation and hygiene (SURWASH). The request was made to the Federal Ministry of Water Resources. During the ministry’s budget advocacy session on Wednesday, the committee mandated the ministry’s delegation, led by […]]]>


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The Senate Committee on Local and Foreign Debt rejected President Muhammadu Buhari’s $ 700 million loan request for sustainable urban and rural water, sanitation and hygiene (SURWASH).

The request was made to the Federal Ministry of Water Resources.

During the ministry’s budget advocacy session on Wednesday, the committee mandated the ministry’s delegation, led by Permanent Secretary Esther Walson-Jack, to provide it with an update on the loans collected so far for the projects of ministry water.

The rejection comes just 24 hours after the health ministry requested approval of $ 200 million for the purchase of mosquito nets and malaria medicine.

During the session, committee chair Clifford Ordia and a few other members noted that three different loans have been approved for various water-related projects.

Mr. Ordia noted that $ 450 million had been approved for the Ministry of Water project funded by the African Development Bank and another loan of $ 6 million under the Integrated Development Program also funded by the African Development Bank and the Gurara Water Project.

“You have to tell us what you are doing with $ 700 million for water projects,” he said.

Other panel members, including Obinna Ogba, Sani Musa, Bima Enagi and Ibrahim Oloriegbe, wanted the loan application denied because some loans had been collected for water projects in the past and project results are not not yet known.

“What is the criterion for selecting beneficiary states? The details you provide are not enough. What projects do you want to do with $ 640 million and how much water are you going to do?

“You give each state $ 3 million to build staff capacity, do we need a loan to do that? You mean that not all states can do it on their own? Asked Mr. Oloriebge.

The lawmaker asked for the selection criteria of recipient states, adding that the details provided by the permanent secretary of the ministry are not sufficient to justify the loan.

Ms Walson-Jack, who was unable to provide an update on previous loans approved for water projects, told the panel that SURWASH will last for five years.

She said that $ 640 million of the proposed loan will be used for the project, while the remaining $ 60 million will be used for capacity building.

“The proposal was negotiated with the World Bank in April 2021 and was approved by the Federal Executive Council on August 11, 2021.

“The states that would benefit from the $ 700 million loan from the World Bank are Delta, Ekiti, Gombe, Imo, Kaduna, Katsina and Plateau, with matching funding of $ 175 million.

“The program will provide improved sanitation and water hygiene services to 2,000 schools and health facilities and help 500 communities end open defecation-free status,” she explained. .

The committee therefore resolved to invite the Minister of Water Resources, Adamu Suleiman, to come before her for an explanation of the loan application and the status of loans collected to date.

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Senate Committee Denies Buhari’s $ 700 Million Loan Request For Water Project | The Guardian Nigeria News https://tedxyouthcaltech.com/senate-committee-denies-buharis-700-million-loan-request-for-water-project-the-guardian-nigeria-news/ Thu, 28 Oct 2021 07:00:00 +0000 https://tedxyouthcaltech.com/senate-committee-denies-buharis-700-million-loan-request-for-water-project-the-guardian-nigeria-news/ [ad_1] The Senate Committee on Local and Foreign Debt rejected President Muhammadu Buhari’s request for a loan for sustainable water supply, sanitation and hygiene in urban and rural areas (SURWASH) under the supervision of the Ministry of Resources in water. This came 24 hours after the health ministry appeared before the panel to seek approval […]]]>


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The Senate Committee on Local and Foreign Debt rejected President Muhammadu Buhari’s request for a loan for sustainable water supply, sanitation and hygiene in urban and rural areas (SURWASH) under the supervision of the Ministry of Resources in water.

This came 24 hours after the health ministry appeared before the panel to seek approval of $ 200 million for the purchase of mosquito nets and malaria medicine.

Lawmakers, who took turns criticizing the request, asked the ministry to provide the panel with the loans collected so far and the projects they were linked to.

The chairman of the committee, Senator Clifford Ordia, recalled that three different loans had been approved for various water-related projects.
He said: “$ 450 million for the Ministry of Water project financed by the African Development Bank (AfDB) and another loan of $ 6 million under the integrated development program also financed by the AfDB and Gurara Water Project.

“You have to tell us what you are doing with $ 700 million for water projects.” The panel therefore decided to summon the minister, Adamu Suleiman, to offer an explanation of the previous loans and how they were deployed.

In his contribution, Senator Obinna Ogba said he was against the offer, arguing that previous credits had not been felt. Senator Ibrahim Oloriegbe sought out the criteria for selecting recipient states amid his opposition to the new loan.

Also opposed, Senator Sani Musa advised the committee to choose one that works after careful consideration. Earlier, the permanent secretary of the ministry, Ms Esther Didi Walson-Jack, who could not provide a convincing explanation for the previous loans, told the committee that SURWASH would last five years, adding that $ 640 million was needed. for the project and $ 60 million for capacity building.

FURTHER, the Senate Interior Committee announced that it will meet with the Chief Justice of Nigeria (CJN), Tanko Muhammad, the Nigerian Bar Association (NBA) and other stakeholders on the decongestion of detention centers and the fate of detainees awaiting trial.

Committee chair Senator Kashim Shettima dropped the hint when Nigerian correctional officials appeared before the 2022 budget advocacy panel. He confirmed that 47,000 of the 66,000 detainees in detention centers of the federation were awaiting trial.

The former governor of Borno state regretted that the situation had resulted in the congestion of centers nationwide. The legislator added that the decongestion of penitentiary establishments had become necessary to make them habitable and truly reforming prisoners.

The committee said it would advocate an upward revision of the cost of feeding prisoners from N450 to N1000 per day. The NCoS, in its 2022 estimates, proposed an increase in the cost of feeding from N450 to N750, citing the high cost of food products. But a member of the panel, Senator Chukwuka, said the amount was “woefully insufficient to feed the detainees.”

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Senate committee rejects Buhari’s $ 700 million loan request for water project https://tedxyouthcaltech.com/senate-committee-rejects-buharis-700-million-loan-request-for-water-project/ https://tedxyouthcaltech.com/senate-committee-rejects-buharis-700-million-loan-request-for-water-project/#respond Wed, 27 Oct 2021 17:26:48 +0000 https://tedxyouthcaltech.com/senate-committee-rejects-buharis-700-million-loan-request-for-water-project/ [ad_1] Members of the Senate Committee on Local and Foreign Debt on Wednesday rejected President Muhammadu Buhari’s request for a $ 700 million loan to the National Assembly for the sustainable supply of water, sanitation and hygiene in the environment. urban and rural (SURWASH) under the Ministry of Water Resources. It comes 24 hours after […]]]>


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Members of the Senate Committee on Local and Foreign Debt on Wednesday rejected President Muhammadu Buhari’s request for a $ 700 million loan to the National Assembly for the sustainable supply of water, sanitation and hygiene in the environment. urban and rural (SURWASH) under the Ministry of Water Resources.

It comes 24 hours after the health ministry appeared before the committee to seek approval for loans of $ 200 million for the purchase of mosquito nets and malaria medicine.

Lawmakers who in turn questioned the Urban and Rural Water, Sanitation and Hygiene Sustainable Supply (SURWASH) loan asked the ministry to provide the committee with updates on the loans collected. so far for water projects within the ministry.

According to the chairman of the committee, Senator Clifford Ordia, said that three different loans have been approved for various water projects.

Ordia said: “$ 450 million for the Ministry of Water project financed by the African Development Bank and another loan of $ 6 million under the integrated development program also financed by the African Bank of development and the Gurara water project.

“You have to tell us what you are doing with $ 700 million for water projects.”

The Committee therefore agreed to summon the Minister of Water Resources, Adamu Suleiman, to appear before it to explain the loans and the status of loans collected so far.

Speaking against the loan, Senator Obinna Ogba (Ebonyi Central PDP) said he would be against approving the loan as some of the loans collected so far for water projects are unsuccessful.

He said: “This loan, I no longer support this one, that’s enough”

Also opposing the loan, Senator Ibrahim Oloriegbe (APC Kwara Central) asked what the criteria for selecting recipient states were, adding that the details provided by the permanent secretary of the ministry were not sufficient to justify the loan.

Oloriegbe asked, “What are the criteria for selecting recipient states, the details you provide are not enough, what projects do you want to do with $ 640 million and how many water projects are you going to do.”

“You give $ 3 million to each state to develop staff capacity, do we need a loan to do that function, you mean all states can’t do it alone.”

Senator Sani Musa (APC Niger), while opposing the loan, advised the Committee to consider all requests and choose the one that is necessary.

The Nigerien senator said, “We should look at this loan and take the ones that are needed and we should give up the ones that are not needed. We have to look at it very critically. “

Senator Brima Enagi also protested against the request for loans of $ 700 million for sustainable urban and rural water supply, sanitation and hygiene (SURWASH) which asked the ministry to know the status of the project. Gurara.

Previously, the Permanent Secretary of the Ministry of Water Resources, Ms. Esther Didi Walson-Jack, who was unable to provide an explanation on previous loans approved for water projects, told the Committee that the supply in Urban and Rural Sustainable Water, Sanitation and Hygiene (SURWASH) will last five years.

She added that $ 640 million will be used for the project while the $ 60 million will be used for capacity building.

The permanent secretary said the proposal was negotiated with the World Bank in April 2021 and approved by the Federal Executive Council (FEC) on August 11, 2021.

The states that will benefit from the $ 700 loan from the World Bank are Delta, Ekiti, Gombe, Imo, Kaduna, Katsina and Plateau with matching funding of $ 175 million.

The program will provide improved water sanitation and hygiene (WASH) services to 2,000 schools and health facilities and help 500 communities achieve open defecation free status.

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Viral Voice Note on Fake WhatsApp Billing

Complain: A viral WhatsApp voice note, allegedly authored by the director and CEO of WhatsApp, claims that users will have to start paying for WhatsApp services.

Verdict: The viral WhatsApp voice note claim is a hoax. The content is not new and has been posted as a post several times in the past. Senate committee rejects Buhari’s $ 700 million loan request for water project

Senate committee rejects Buhari’s $ 700 million loan request for water project

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Sokoto Assembly approves Tambuwal N 28.7 billion loan request https://tedxyouthcaltech.com/sokoto-assembly-approves-tambuwal-n-28-7-billion-loan-request/ Tue, 26 Oct 2021 07:00:00 +0000 https://tedxyouthcaltech.com/sokoto-assembly-approves-tambuwal-n-28-7-billion-loan-request/ [ad_1] Posted October 26, 2021 The Sokoto State House of Assembly on Tuesday approved Governor Aminu Tambuwal’s request to access two loan facilities worth N 28.7 billion for the state. Nigeria’s news agency reports that the development followed consideration of the two letters sent to the Assembly by the Governor by the Committee of the […]]]>


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The Sokoto State House of Assembly on Tuesday approved Governor Aminu Tambuwal’s request to access two loan facilities worth N 28.7 billion for the state.

Nigeria’s news agency reports that the development followed consideration of the two letters sent to the Assembly by the Governor by the Committee of the Whole, as requested by Bello Ambarura.

NAN also reports that the requests include the Federal Government Response Facility of N18.7 billion and N10 billion on behalf of the state’s 23 local government councils.

Ambarura said the federal government response facility was among the 656.1 billion naira approved by President Muhammadu Buhari for the 36 states of the federation.

He said, “The facility aims to help states cushion the repayment effects of the current federal government intervention on budget support.

“It also includes a loan backed by a gross surplus and a salary arrears rescue facility.

“In addition, it will allow the state government to close the gap in the forecast shortfall and increase current budget arrangements in some of the economic sectors.”

The legislator added that the funds would be used to finance overdue payments for investment projects and certain expenses essential to economic development.

He said the condition of the loan facility, as specified by the Central Bank of Nigeria, was to include a six-tranche disbursement mode, a term of 30 years and an interest rate of nine percent per annum.

Other conditions, according to the legislator, are a two-year moratorium, a monthly repayment method and an irrevocable standing payment order.

Regarding the N10 billion loan requested from Fidelity Bank Plc on behalf of the state’s 23 LGAs, Ambarura said it was aimed at accelerating the socio-economic development of the boards.

“The loan facility was negotiated between ISPO and Fidelity Bank for the pursuit of development projects across the state.

“This is an interest rate of five percent per year until February 2022, then nine percent per year from March 2022, with a term of 80 months and repayment via the allowance federation account allocation commitment, “he said.

Vice-Chair Abubakar Magaji, who chaired the meeting, put the motion to a voice vote after a closed-door meeting of the Committee of the Whole.

It was then adopted by the majority of lawmakers.

(NOPE)

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Senate Speaker Gives Committee One Week To Review Buhari’s Loan Application https://tedxyouthcaltech.com/senate-speaker-gives-committee-one-week-to-review-buharis-loan-application/ https://tedxyouthcaltech.com/senate-speaker-gives-committee-one-week-to-review-buharis-loan-application/#respond Tue, 21 Sep 2021 14:54:26 +0000 https://tedxyouthcaltech.com/senate-speaker-gives-committee-one-week-to-review-buharis-loan-application/ [ad_1] The Senate began legislative work at President Buhari’s request for approval of multinational fund projects under the federal government’s 2018-2021 external borrowing plan. Recall that President Muhammadu Buhari last week requested Senate approval for an external loan of 4.054 billion dollars, 710 million euros and 125 million dollars. Buhari in the letter explained that […]]]>


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The Senate began legislative work at President Buhari’s request for approval of multinational fund projects under the federal government’s 2018-2021 external borrowing plan.

Recall that President Muhammadu Buhari last week requested Senate approval for an external loan of 4.054 billion dollars, 710 million euros and 125 million dollars.

Buhari in the letter explained that the projects listed in the federal government’s 2018-2021 borrowing plan are to be financed by sovereign loans from the World Bank, the French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered / China Export and Credit (SINOSURE) for a total amount of USD 4,054,476,863.00; 710,000,000.00 euros and grant component of 125,000,000.00 USD.

He explained that the amount would be used to fund federal and state government projects in key sectors such as infrastructure, health, agriculture and food security, energy, education and capital development. human, and COVID-19 response efforts.

According to the president, the projects spread across the country’s six geopolitical zones would result in job creation and poverty reduction, as well as protection of the most vulnerable and poorest segments of Nigerian society.

When the issue of applying for the loan was raised in plenary on Tuesday, Senate Speaker Ahmad Lawan referred the Senate Foreign and Local Debt Committee for proper legislative work.

The committee, which is chaired by Senator Clifford Ordia (PDP) Edo, is due to report next week Tuesday for general consideration in plenary.

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Experts say mixture of snail slime and evaporated milk cannot cure stroke

CLAIM: Facebook user claims water from snails (snail slime) and spike milk can cure partial or full stroke.

VERDICT: The claim that the water obtained from snails (snail slime) and spike milk can cure partial or complete stroke is false.

FULL STORY: On July 26, 2020, Facebook user Prince Nnamdi Enyinnaya Emelelu Eluwa claimed in an article that water obtained from snails (snail slime) and spike milk can cure an accident partial or complete cerebrovascular. The post, which is over a year old, was recently re-shared by other Facebook users.

Marburg virus: what you need to know about the disease recently detected in West Africa

On Monday August 9, 2021, the World Health Organization (WHO) confirmed the first case of Marburg virus in West Africa in Guinea. This development has sent shivers down the spines of West Africans who are still grappling with the effects of the coronavirus pandemic. But before this dreaded disease is greeted with rumors and misinformation, here’s what you need to know about the virus. APC says it’s creating a health emergency trust fund …

FACT CHECK: US failed to grant Nigeria 48-hour ultimatum to detain Abba Kyari

CLAIM: Several social media posts claim that the United States of America (United States) has given the federal government of Nigeria 48 hours to arrest suspended Deputy Police Commissioner Abba Kyari on pain of severe penalties.

VERDICT: The assertion is false and misleading. The United States did not give the Nigerian federal government a 48-hour ultimatum to detain Abba Kyari.

FULL STORY: Tons of backlash have greeted the indictment of suspended Deputy Police Commissioner Abba Kyari by the United States District Court for the Central District of California.

The court indicted Kyari over his alleged involvement in the international scheme to defraud a Qatari school founder of more than $ 1 million. The fraud scheme was orchestrated by famous Instagram celebrity, Ramon Abbas, also known as Hushpuppi.

The dangers of mixing toilet cleaner with bleach

A few weeks ago, Eniola Oyémolade, a journalist, decided to get creative by cleaning, mixing a toilet cleaner and bleach. She did it with the thought that if one product worked, mixing it with another would make it even better.

Unbeknownst to him, mixing bleach with a toilet cleaner creates a poisonous gas that can cause adverse health effects, including death.

“After the mixing I started to feel a burning sensation in my throat and had to leave the room because the smell was very bad too,” she said.

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